Bets Against the Nasdaq 100 Are Surging in This Leveraged ETF

Investors are doubling down on bets against U.S. tech shares. They’ve pushed the number of options to a one-year high for a leveraged exchange-traded fund that rises when the Nasdaq 100 Index falls, with more than five calls outstanding for each put. While that’s been a losing trade this year -- the ETF is down 37 percent as the index tracking companies including Apple Inc. and Microsoft Corp. has surged to a record -- investors have put money in the fund, sending the number of its shares outstanding to an all-time high.

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